FCA warns consumers against loan fee fraudsters amid rising summer borrowing
The average loss to loan fee fraud in the UK is £260.
Lending
Svatantra to acquire Navi Group’s microfinance subsidiary for $178.6m
On completion of the deal, Svatantra says it will become the second largest microfinance entity in India.
Hong Kong fintech Micro Connect raises $458m Series C funding
According to Forbes Asia, the funding round values the start-up at $1.7 billion, making it Hong Kong’s latest unicorn.
Webinar | 28 September 2023: Revolutionising SME financing – how Banca AideXa uses AI decisioning platform & open banking
Learn what tools and tech enable Banca AideXa to provide quick and efficient loans to SMEs.
Private debt platform Cordada taps Thought Machine for core banking tech
The Chilean firm will use Thought Machine’s Vault Core to develop personalised financial products.
State of play: 2023 so far
What’s the current state of play for the financial services sector and what can we expect for the remainder of 2023?
Mexican challenger Albo snaps up Delt.ai for $20m
The acquisition makes Albo “the only neobank to offer debit and credit products for both consumers and SMBs”.
Credit card fintech Petal secures $200m debt facility from Victory Park Capital
In addition, the company has also raised $20 million in new equity financing from its existing investors.
MSUFCU partners Nymbus for SMB “bank in a box” solution
MSUFCU previously participated in Nymbus’ $70 million Series D funding round in May.
Payoneer acquires AI-powered data platform Spott to streamline decision-making
Payoneer says the start-up’s tech will help it to “better understand and serve customers”.
WaterStone Bank taps nCino for cloud banking platform
The bank says it wants to enhance the lending experience for its customers by moving to a single platform.
Automotive lending platform GoFi taps Provenir for credit risk decisioning
The Texas-headquartered company has implemented Provenir’s Data and Decisioning Platform.
What the FinTech? | S.4 Episode 12 | Business banking and the UK’s ‘missing middle’
In this episode of the podcast, we’re joined by Rajesh Gupta, CFO of UK business bank OakNorth.
Novo secures $125m credit facility to provide working capital to small businesses through Novo Funding
Once approved, small businesses will have instant access to up to $75,000 of working capital.
Vestwell taps workplace financial wellness with Gradifi Solutions acquisition
Vestwell acquires Gradifi Solutions from Morgan Stanley, following its acquisition of E*TRADE Financial.
US fintech Rocket Companies appoints Varun Krishna as new CEO
Rocket Companies also revealed that president and COO Bob Walters is to retire after 27 years with the firm.
UK fintech Rapyd snaps up PayU GPO in $610m deal to boost global expansion
PayU says the sale will allow it to focus on “the huge fintech opportunity” in India.
UK consumer lending start-up Koyo Loans closes down
All of Koyo’s existing loans have been transferred to Capquest for management.
Allfunds acquires local paying agent business of Iccrea Banca
The acquisition enables Allfunds to develop its position in Italy as a local paying agent business.
South Korea’s Finda bags $37m Series C funding
JB Financial Group took part in the round as a strategic investor, acquiring a 15% stake in the company.
Upgrade snaps up BNPL vendor Uplift for $100m
California-headquartered Uplift provides BNPL payment and credit products to the travel industry.
US earned wage access start-up Immediate bags fresh funding, expands credit facility
The Alabama-based firm aims to “improve financial wellness and eliminate cycles of debt for employees”.
Settle secures $145m credit facility from Silicon Valley Bank
Settle will use the expanded facility to boost its lending to e-commerce and consumer brands.
Bain Capital buys majority stake in India’s Adani Capital, invests $120m to boost growth
Bain Capital will pick up a 90% stake, with current CEO Gaurav Gupta retaining the other 10%.
UK challenger Atom Bank records first ever annual operating profit
The bank has seen its customer count jump from around 123,000 during FY22 to 224,000 at present.
Banking Tech Awards 2023: Nominations deadline extended!
Submit your nominations before 4 August 2023!
Q&A: David Morris, CCO of Yorkshire Building Society – automation, digitalisation & service
David Morris discusses automation, its impact on customer service and the changing nature of branch-based banking.
UK’s Clockwise Credit Union launches self-built core banking solution
Clockwise’s IT manager says the launch is a “culmination of a huge amount of work over the past six years”.
ICYMI fintech funding round-up: Anduin, Thunes, Portrait Analytics & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FinTech Futures: Top five stories of the week – 21 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Filipino fintech start-up Salmon lands $20m debt funding
Salmon says the investment marks the “largest ever” debt financing for a Series A tech company in the Philippines.
Swiss SME lender TP24 secures £345m debt funding from Barclays, M&G
The funding will be used to lend to SMEs in the UK, Australia and Netherlands.
US fintech Earnest partners Nova Credit to make international student loans more accessible
The partnership seeks to provide better financing opportunities to foreign-born students in the US.
Canadian Tire Bank to move to Temenos Banking Cloud
CTB will utilise the Temenos Banking Cloud to replace its legacy core systems and move to a SaaS model.
Nav announces second acquisition of the year with start-up Tillful
In addition to the asset acquisition, many of Tillful’s employees will be joining Nav in senior roles.
ICYMI fintech funding round-up: Efficient Capital Labs, CapStack and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Defacto secures credit facility of up to €167m with Citi and Viola Credit
The fund will have an initial size of €67 million, with increases subject to consent from the lenders.
Fiinu to scale back operations amid continued efforts to source fresh funding
Fiinu’s cost reduction plans include staff redundancies.
Norway’s SPK selects Mambu and Knowit to support its upcoming housing loan solution
Mambu’s cloud technology and Knowit’s loan origination solution are to support the SPK’s housing loan offering.
Grow Finance joins Pismo as its first Australian client for card issuance
Launching this September, Grow seeks to provide businesses with better cash flow, management and capital.
